by somichcpa | Jun 18, 2019 | Financial Planning
You’re working at the office, getting stuff done around the house, or hanging out with family when — wham! — a phone call, email or text alerts you that something is wrong with your finances. When a negative financial event hits, don’t let it take you down. Here are...
by somichcpa | Jun 10, 2019 | Individual Taxes
Conduct an online search of the phrase “side hustle” and you will find websites with countless ideas on how you can make some money on the side. The ideas range from carpet cleaning to podcasting. What a lot of these sites fail to inform you, is the tax...
by somichcpa | May 29, 2019 | Individual Taxes, Tax Tips
For new parents, information is coming from every direction – feeding times, car seats, sleep schedules, strollers, child development and of course … taxes. What most new parents do not consider is that this little bundle of joy just complicated their tax...
by somichcpa | May 28, 2019 | Corporate Taxes
The IRS continues to focus their audit activities in key small business areas. The wise business owner is well advised to be able to defend the following five areas to keep the IRS at a comfortable distance: Business or hobby? Be ready to provide proof your business...
by somichcpa | May 24, 2019 | Individual Taxes
Too many people downplay the threat of identity theft because it hasn’t been witnessed or experienced firsthand. This false sense of security can leave you exposed, especially during tax season. Here are some tips to keep your identity safe from scammers: Be...
by somichcpa | May 16, 2019 | Individual Taxes, Tax Tips
The tax term head of household is one of the more misunderstood tax phrases inside the U.S. tax code. However, if your situation warrants head of household status, there are two big tax benefits. First, a higher standard deduction. Second, lower effective tax rates...
by somichcpa | Mar 6, 2019 | Corporate Taxes, Individual Taxes
The tax season is in full swing and there are a few steps you can take now to speed up the filing process. Even if you have already filed this year this information can be helpful when planning your tax strategies in the future. The faster your return is filed, the...
by somichcpa | Mar 4, 2019 | Corporate Taxes, Individual Taxes, Tax Tips
Get Ready! Here Comes the New 1040… We are all in for a wild ride as we navigate the biggest tax overhaul in 30 years on a new Form 1040 with six new schedules. Now that the new Form 1040 is finalized, here are three main takeaways for this tax season: The main...
by somichcpa | Feb 5, 2019 | Corporate Taxes, Individual Taxes, Tax Tips
Tax forms come in more varieties than flavors of ice cream. Nearly any time something of value changes hands, there’s a specific tax form available to capture it for posterity. Check out the list below to familiarize yourself with some of the forms that are likely to...
by somichcpa | Feb 4, 2019 | Individual Taxes, Retirement Planning, Tax Tips
The Social Security Administration announced a 2.8 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2019. The increase is the largest in seven years, and is based on the rise in the Consumer Price Index over the past 12...
